Rostec and Vostok project to introduce blockchain technology into digital economy infrastructure

Rostec and Vostok project to introduce blockchain technology into digital economy infrastructure
Rostec and Vostok project to introduce blockchain technology into digital economy infrastructure. Image source: Pixabay

Russian State Corporation Rostec and the Vostok project will jointly introduce the blockchain technology into digital economy infrastructure. The companies plan to develop projects of the state program Digital Economy, create solutions for infrastructure projects, namely for smart cities, and create technological basis for the transition to “digital enterprise”. The according agreement has been signed at the ongoing Eastern Economic Forum in Vladivostok.

Under the agreement, Rostec and Vostok will establish a project office to develop projects of the state programme Digital Economy of the Russian Federation. First of all, the companies plan to implement the Vostok platform for collection, storage and exchange of data between government bodies, citizens and municipal offices. It also provides for the development of shared competences in all “end-to-end” technologies, mentioned in the state program. Joint investments in the project office will amount to about $2 million.

“Within the Digital Economy program, Rostec is responsible for establishing technological groundwork. We search for promising projects and assess the leaders the cooperation with which opens new horizons for development of digital systems. The key criteria for choosing the developer companies is high level of provided solutions as well as their relevance in the market. It is fully applicable to the Vostok platform which has the leading characteristics and can be successfully integrated into our complex digital projects in the interest of our corporate and state customers,” said Sergey Chemezov, CEO of Rostec.

An important direction of cooperation between Rostec and the Vostok project will be the development of solutions for infrastructure projects. In particular, it is planned to create a reliable smart city infrastructure and mechanisms for working with big data.

“The Vostok platform and integrator were originally developed both to solve the actual problems of enterprises in the real sector of the economy and state institutions, performing the function of a basic digital infrastructure for certification, registration and tracking of big data. Cooperation with Rostec, the main provider and driver of infrastructure projects for the digital economy, will not only provide access to a huge base of corporate and government customers for the implementation of Vostok’s infrastructure solutions, but will also become a strong impetus for the development in general,” commented the founder and CEO of Waves Platform and the Vostok project, Alexander Ivanov. “It should be noted that Vostok is based on technological base and capacity of Waves, the fastest public blockchain in the world that processes up to 1000 transactions per second. The Vostok platform, in turn, will be able to increase the throughput of the current open blockchain systems by dozens of times.”

Another area of ​​cooperation will be the creation of a technological base for the implementation of the model of the “digital enterprise” within the framework of a wide range of Rostec’s industrial projects. The concept of a digital enterprise implies the use of a set of new technologies in the production cycle, interactions with contractors, and also in working with data. For example, it is planned to collect, process and store statistical data of Rostec on the Vostok platform, as well as cataloging products manufactured by Russian industrial enterprises.

Rostec Corporation is a Russian corporation that was established in 2007 to facilitate the development, production and export of high-tech industrial products designed for civilian and military applications. The Corporation comprises over 700 organizations that are currently part of eleven holding companies operating in the military-industrial complex and three holding companies working in civilian industry, as well as over 80 directly managed organizations. Rostec’s portfolio includes well-known brands such as AVTOVAZ, KAMAZ, Concern Kalashnikov, Russian Helicopters, UralVagonZavod, etc. Rostec companies are located in 60 constituent entities of the Russian Federation and supply products to the markets of more than 100 countries. In 2017 the consolidated revenue of Rostec reached 1 trillion 589 billion rubles, while the consolidated net income and EBITDA amounted to 121 and 305 billion rubles respectively. In 2017 the average salary in the Corporation was 46,800 rubles. According to Rostec’s strategy, the main objective of the Corporation is to ensure that Russia has a technological advantage in highly competitive global markets. Rostec’s key objectives include the introduction of a new techno-economic paradigm and digitalization of Russian economy.

The Vostok project is a universal blockchain solution for scalable digital infrastructure consisting of two elements: basic technological innovation (closed Vostok blockchain platform) and facilitator of its development, support and implementation (Vostok system integrator). The main goal of the project is to form the basis of digital infrastructure for certification, registration and tracking of data, as well as to make blockchain technologies easy to use in business and public administration.